Binance Exchange Spot Market Share Declines 34% for Seventh Consecutive Month

Binance Exchange market share continues to slide in both spot and derivatives trading, attributed to regulatory challenges and the end of zero-fee promotions.
UwAAAABJRU5ErkJggg==
Binance started the day with the PEPE announcement.

According to Bloomberg report, market share for both spot and derivatives trading has been declining for the sixth consecutive month at Binance, the largest cryptocurrency exchange in the world.

In September 2023, Binance’s spot market share decreased marginally from the month before, when it was 38.5%, to 34.3%. It had a significantly larger one in January 2023 with 55.2%.

Additionally, Binance’s share of market activity in the futures market dropped from 53.5 in August to 51.5 in September, compared to almost 62% in January.

The declines have been attributed to a number of things, including regulatory issues in the US and Binance ending its zero-fee trading promos for popular pairs. Binance exited some important markets this year, including Russia.

Exchanges with Huobi backing, including as HTX, Bybit, and DigiFinex, saw a rise in trading volumes as a result of Binance’s declining market share. Other rival exchanges in the derivatives industry, including as OKX, Bybit, and Bitget, have also seized market share.

More From The Kangaroo Times

Total
0
Shares
Related Posts
Total
0
Share